Shockwave Medical (Nasdaq:SWAV) announced today that it completed its $147 million acquisition of Neovasc.
In January, Shockwave announced an agreement to acquire all of the issued and outstanding common shares of Neovasc. The company paid $27.25 per share upfront by way of a statutory plan of arrangement.
The deal has an enterprise value of approximately $100 million. According to a news release, shareholders can receive up to an additional $12 per share if certain regulatory milestones are achieved within specified timeframes. Those deferred payments could reach approximately $47 million upon the achievement of future regulatory milestones.
Neovasc develops its Reducer system for addressing refractory angina. The Reducer has FDA breakthrough device designation and CE Mark. The company is currently enrolling patients in the COSIRA-II study, Shockwave said. Conducted under FDA investigational device exemption, COSIRA-II could support future FDA approval.
The Reducer alters blood flow within the myocardium of the heart. It also increases the perfusion of oxygenated blood to ischemic areas of heart muscle. Placement occurs through a minimally invasive, transvenous procedure.

Neovasc also reportedly had the Tiara mitral valve repair device under development in 2020.
More about Shockwave Medical’s acquisition of Neovasc
According to the initial announcement of the acquisition, Neovasc shareholders receive regulatory milestone payments in the form of a contingent value right (CVR) per common share. These arrive upon final FDA premarket approval to market the Neovasc Reducer. Each CVR pays:
- $12 if achieved on or before Jun. 30, 2026
- $8 if achieved during the period beginning on Jul. 1, 2026, and ending on Dec. 31, 2026
- $4 if achieved during the period beginning on Jan. 1, 2027, and ending on Dec. 31, 2027.
As part of the agreement, Neovasc’s common shares will be delisted from the Toronto Stock Exchange. The company also requested that the Nasdaq market file a delisting application. Neovasc expects to terminate the registration of its common shares on the Nasdaq approximately 10 days after closing.
When the companies initially announced the deal, Neovasc CEO Fred Colen called it “good news” for stakeholders and the Reducer.
“The team at Shockwave has demonstrated an extraordinary ability to scale novel technologies and build value for patients, customers and investors, and we are thrilled to become a part of their organization,” he said.